UK Refuses To Give To IMF's EU Bailout Fund

Chancellor George Osborne has refused to contribute to the IMF's bailout fund for the EU, Sky News has learned.



Mr Osborne told his EU colleagues he will not provide any cash to boost the 200bn euro fund, which is specifically aimed at the troubled eurozone.

The conference call with 26 other EU finance ministers lasted three hours but ended without Britain's agreement to put in up to 50bn euros.

Mr Osborne insisted that while Britain was ready to take part in global efforts to bolster the IMF's coffers, it would not participate in a fund only aimed at the beleaguered eurozone region.

Sky's economics editor Ed Conway said: "Although we had known for a while that George Osborne had been reluctant to give money specifically for this eurozone bailout package, the fact he has gone ahead and done it will come as another blow to what was supposed to be the plan to save the euro."

He added: "It leaves us going into the Christmas season with no conclusive and no big bazooka that had been promised for so long. There will be consternation, I think, among investors at this news."

A Treasury spokesman said: "The UK has always been willing to consider further resources for the IMF but for its global role and as part of a global agreement."

Some other non-euro countries could yet decide to contribute money to the fund, with decisions set to be made at a G20 summit to be held in Mexico early next year.

Why should we bail this debacle out when we are not even in the Eurozone
Plus the fact they have not a clue how to sort the mess out with the Euro